Abstract: This study aims to
determine the relationship directly or indirectly between SBIS and PUAS into
inflation by Sharia Monetary Operations. The approach used is a quantitative
approach using path analysis technique with four variables are SBIS and PUAS as
exogenous variable, the inflation rate as an endogenous variable and OMs as an
intervening variable.

The results show that SBIS and PUAS have a positive direct correlation to
inflation. This show that the SBIS and PUAS still did’t able to meet
expectations in order to reduce the rate of inflation. In this study may also
indicate that the SBIS relate indirectly to inflation through OMs. OMs be able
to suppress compared to inflation growth rate of SBIS and PUAS variable, PUAS
doesnt have a relation to inflation through OMs. Therefore, from this study is
expected the government to reassess the effectiveness of Islamic monetary
transmission in suppressing the inflation growth rate.